January 21, 2025
Copenhagen, Denmark
In a new project, The Danish Financial Supervisory Authority’s Sandbox, “FT Lab”, the tech company 2021.AI, and Velliv will test if Danish-language minutes can be written automatically using machine learning. At the same time, the test will provide a deeper insight into the use of, among other things, machine learning.
The project in FT Lab is based on machine learning, focusing on Danish-language natural language processing (NLP), to automatically generate minutes of counselor interviews. In this project, 2021.AI and Velliv will develop a platform that will support the documentation of both the model’s development and the fulfillment of requirements for advisory responsibilities. The project could potentially provide an insight into how companies can document that rules and internal guidelines are being complied with. The project will run through the spring and summer of 2021.
“Machine learning has great potential, and the Danish Financial Supervisory Authority works to ensure that this potential is realized in a way that benefits society broadly,” says Tobias Thygesen, who as Head of the Danish Financial Supervisory Authority’s office for fintech, payment services and governance is responsible for FT Lab.
The specific project will examine how a company, during the model development process, can automatically document considerations of data ethics issues, guidelines and regulations.
The Danish FSA’s regulatory sandbox, FT Lab, is a safe environment where selected companies can test new technologies and business models within the financial area. The companies that are admitted will, for a test period of up to six months, be able to test their solution on a limited number of customers under a framework set by the Danish Financial Supervisory Authority. The companies are at all times subject to the applicable financial legislation.
Velliv offers pension schemes to both individuals and companies and has approx. 360,000 customers, Denmark’s third largest commercial pension company. All our customers are co-owners of Velliv through their automatic membership in the Velliv Association, which owns the pension company.
2021.AI was founded in Copenhagen at the end of 2016 and has grown to a team of 50 people, serving 50+ clients globally. 2021.AI is a compliance-first AI technology company providing the GRACE AI Platform and AI Governance to a global customer base.
2021.AI’s team is a combination of experts in advanced technology and AI combined with senior profiles with backgrounds from technology companies and entrepreneurial successes.
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